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World economic crisis will impact Russia, China insignificantly - Kudrin

February 04, 2008 | Interfax

The world economic crisis evoked by economic recession in the United States will not have a significant impact on Russia, Russian Deputy Prime Minister and Finance Minister Alexei Kudrin said.

"Today, Russia, just like China, will not be significantly subjected to the world crisis. One can say that we will sneeze, and maybe will not sneeze at all, but we will feel," Kudrin said on the air of Channel One Russia on Saturday.

Economic growth rates have been narrowing steadily in the U.S. over the past three years: from 3.6% to slightly more than two percent last year, the minister said. Meanwhile, Russia has "speeded up as to the economic growth" in the same three years, he said, adding that the GDP grew 8.1% in 2007, if compared to 7.4% in 2006.

"This has been a movement in the opposite direction: the recession in the U.S. has not influenced the growth here," Kudrin said.

The minister also named other positive factors for the Russian economy: a large number of jobs, as well as a considerable amount of investments and enterprises.

"Thus, we can see that the trend lines for Russia and the U.S. do not coincide. Forecasts for 2008 are absolutely polar: Russia will continue to grow and the U.S. will considerably decline within the framework of a recession anticipated today," Kudrin said.

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